Consumer Duty


  • Who is an investment in HICL suitable for?

    The UK’s Financial Conduct Authority requires InfraRed, the Investment Manager of HICL, to assess and make available to distributors and potential investors what it considers to be the target market amongst retail investors for an investment in HICL’s shares. This is part of regulations designed to set high standards of care for consumers across financial services.

    InfraRed considers that the shares may be suitable for retail investors who meet all of the following criteria:

    (a) investors who seek income but do not need a guaranteed income or capital protection;

    (b) investors who have sufficient resources to be able to bear any losses that may result therefrom including the loss of the whole of their investment; and

    (c) investors who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment.

    HICL invests in core infrastructure assets, which includes social infrastructure such as healthcare and education; assets that connect communities including transportation and communications infrastructure; and assets that support modern sustainable economies, including the transition to a low-carbon economy. Accordingly, the investors to whom shares in HICL will be suitable include, but are not exclusively, those who are seeking a financial product that promotes social and / or environmental characteristics, as defined under Article 8 of Regulation (EU) 2019/2088, provided in all cases they meet the criteria set out in (a) to (c) above.

    HICL’s Target Market Assessment can be found above under ‘Information to Distributors’.

  • How can I sell my investment?

    HICL’s shares are listed on the premium segment of the London Stock Exchange which provides a market for the shares to be traded, and the Company is a constituent of the FTSE 250.  Accordingly, under normal trading conditions a typical retail investor can expect to be able to liquidate their investment by selling into the market, if necessary over an appropriate period.  However, this may not hold true in abnormal investment conditions and there may not be sufficient buyers and trading in shares can become suspended, so investors should not assume it will always be possible to liquidate their investment.

  • What is the cost of the management of the investment company?

    There are costs involved in the running of investment companies, just as there are costs of running all companies. For HICL (as is the case for most investment companies) this includes management fees paid to its Manager InfraRed. The Association of Investment Companies sets out a methodology for calculating an Ongoing Charges Ratio (“OCR”) which broadly is the total amount of charges and expenses of the Investment Company (including its management fees) divided by the Company’s Net Asset Value (“NAV”). HICL’s OCR for 2023 is 1.09%.

  • Where can I find further information about HICL?

    This website. Documents such as the Report & Accounts (year end: 31 March), half year accounts, associated presentations and other information can be found on the Reports & publications page. The Company’s business model and investment policy is set out within the About Us section.  All material information for investors is published on the London Stock Exchange’s Regulatory News Service as well as on this website under Investors / Regulatory news.

    If you have any questions, you may contact us at